SCHEDULE I --SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES

12 Months Ended

Dec. 31, 2017

SCHEDULE I -- SUMMARY OF INVESTMENTS-
OTHER THAN INVESTMENTS IN RELATED PARTIES

Form 10-K - Year Ended December 31, 2017

Baldwin & Lyons, Inc. and Subsidiaries


Column A	Column B			Column C			Column D

							Amount At
							Which Shown
				Fair			In The Balance
Type of Investment	Cost			Value			Sheet (A)
	(dollars in thousands)

Fixed Maturities:
Bonds:
Agency collateralized mortgage obligations		$	15,839		$	16,586		$	16,586
Agency mortgage-backed securities			27,180			27,075			27,075
Asset-backed securities			42,861			43,469			43,469
Bank loans			19,271			19,488			19,488
Certificates of deposit			3,124			3,135			3,135
Collateralized mortgage obligations			6,079			6,492			6,492
Corporate securities			197,201			197,130			197,130
Mortgage-backed securities			23,656			24,204			24,204
Municipal obligations			97,059			96,650			96,650
Non-U.S. government obligations			39,189			38,613			38,613
U.S. government obligations			49,558			49,011			49,011
Total fixed maturities			521,017			521,853			521,853

Equity Securities:
Common Stocks:
Consumer			23,565			46,578			46,578
Energy			6,763			10,278			10,278
Financial			31,859			45,470			45,470
Industrial			8,949			25,402			25,402
Technology			5,768			13,061			13,061
Funds (e.g. mutual funds, closed end funds, ETFs)			46,177			50,291			50,291
Other			7,670			10,683			10,683
Total equity securities			130,751			201,763			201,763

Short-term:
Certificates of deposit			1,000			1,000			1,000
Total short-term and other			1,000			1,000			1,000

Total investments		$	652,768		$	724,616		$	724,616

(A) Amounts presented above do not include investments of $59,174 classified as cash and
cash equivalents in the balance sheet.